Ryanair, Europe’s largest low-cost carrier, has adopted a patient stance on future aircraft acquisitions, with chief executive Michael O’Leary indicating that the airline will hold off on placing major new orders until the next industry downturn allows for substantial discounts.
This strategy comes as the company nears the completion of its current Boeing commitments, which are set to sustain growth through the mid-2030s.
O’Leary emphasises that while Ryanair remains confident in receiving its first Boeing 737 MAX 10 deliveries in January 2027, the existing order book only extends fleet expansion to 2034, prompting considerations for the next phase of procurement.
With demand for new aircraft currently high, supply chains lagardly and prices elevated due to production backlogs at manufacturers like Boeing and Airbus, O’Leary says he is content to wait for an economic or market crisis to negotiate more favourable terms.
Mr O’Leary is known for his shrewd bargaining tactics, and a track record of securing aircraft at reduced costs, saving the companybns of euro in the long term, capitalising on downturns, such as during the global financial crisis and the pandemic, to expand its fleet economically.
Currently, Ryanair operates a predominantly Boeing fleet, with over 200 Boeing 737 MAX 8-200 aircraft already in service and 150 MAX 10 variants on order, valued at approximately €35bn at list prices (although actual deals are typically discounted heavily).
The airline has also expressed interest in bolstering its Airbus presence, particularly as leases on existing Airbus jets from its Lauda subsidiary expire in 2028, but any large-scale Airbus order would similarly await a crisis, possibly in the late 2020s or early 2030s.
Despite ongoing challenges, including Boeing delivery delays and potential tariff impacts from US policies, Ryanair has upgraded its fiscal 2026 outlook, citing strong passenger demand and improved aircraft inflows.
Mr O’Leary has voiced frustration over production setbacks but maintains optimism for the MAX 10 certification by the third quarter of 2026, enabling spring 2027 deliveries to support the carrier’s ambition to carry over 225m passengers annually by that year.
For the late 2030s and beyond, when Ryanair aims to push towards 300m passengers, the focus remains on timing orders to coincide with market weakness rather than rushing into commitments at peak pricing.
If supply chain issues or geopolitical tensions trigger a slowdown, the airline will swoop to maintain its cost leadership in the European market. Competitors like easyJet and Wizz Air are also navigating similar pressures, but Ryanair’s scale and financial reserves, bolstered by €4.5bn in cash reserves, provide just the kind of buffer it needs to endure any prolonged high-price environment, prioritising value over haste in an sector prone to volatility.
